Asian fuel oil markets ended the week in losses amid a rise in inventories at the key trading hubs across the world.

Fuel oil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 3.58% in the week ended Jan. 11 to 1.446 million tons, the highest level since June 2021, Insights Global data showed on Friday.

Singapore Inventories hit about nine-month highs, led by stronger import volumes from Russia and Indonesia, official data showed on Thursday.

Singapore’s 0.5% very low sulphur fuel oil cash premium MFO05-SIN-DIF was down by about 16 cents at $1.34 a metric ton on Friday.

The 380-cst high sulphur fuel oil market also slipped, with premiums FO380-SIN-DIF easing to $3.31 a ton from $4.28 a day earlier.

Meanwhile, Singapore’s marine fuel sales hit a record high last year, official data showed on Friday, led by record container throughput and stronger interest in biofuels.

OTHER NEWS

– Indian Oil Corp, the country’s top refiner, will open 300 ethanol fuel stations, federal road transport minister Nitin Gadkari said on Friday.

– At least four oil tankers have diverted course from the Red Sea since overnight strikes by the U.S. and Britain on Houthi targets in Yemen, shipping data from LSEG and Kpler showed.

WINDOW TRADES

– 180-cst HSFO: No trade
– 380-cst HSFO: One trade
– 0.5% VLSFO: One trade
Source: Reuters (Reporting by Mohi Narayan; Editing by Mrigank Dhaniwala)